New Application to be Approved Liquidators or Public Accountants for the purpose of becoming Judicial Managers following commencement of IRDA
The Insolvency, Restructuring and Dissolution Act (IRDA) came into effect on 30 Jul 2020.
Under the IRDA, individuals who wish to act as a liquidator, judicial manager (JM) or Trustee in Bankruptcy (TIB) are required to be registered as Insolvency Practitioners with the Ministry of Law for the purpose of undertaking new winding up, JM or TIB cases that are commenced on / after the IRDA comes into effect. Accordingly, ACRA will no longer be accepting new applications to be approved liquidators or Public Accountants for the purpose of becoming Judicial Managers. More information on the new regime for insolvency practitioners can be found at https://lripd.mlaw.gov.sg